ARTICLE · 30 NOVEMBER 2011

Tax Update - Monday 28 November 2011

Smith & Williamson

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The report by Graham Aaronson QC has been published with a clear recommendation that Government should introduce a narrowly focused general anti-abuse rule, rather than one with broad application.

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Richard Mannion

1. General news

1.1. GAAR Study

The report by Graham Aaronson QC has been published with a clear recommendation that Government should introduce a narrowly focused general anti-abuse rule, rather than one with broad application.

The report sets out the conclusions of the GAAR Study group and puts forward suggested legislation and guidance notes, as summarised below.

Summary of conclusions

In broad terms the purpose of the study was to consider whether the introduction of some type of general anti-avoidance rule would be beneficial for the UK tax system.
One of the most critical factors was whether introducing such a GAAR might erode the attractiveness of the UK's tax regime to business.

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